Blogjob Redemption: How Indians can do it Cost-Effectively
Indians, along with people from many other countries, face hurdles in getting paid from overseas for freelance work and such like. After interacting with many Indians in Blogjob too, I realized that they are looking for better ways to redeem blogjob points. Of course there is PayPal, but the fee is high – it’s 4.4% of the amount plus a standard fee of $0.30. So if you are redeeming $100, you end up losing $4.70 as fee, which is about Rs. 300. Also, another disadvantage is that you can’t keep the money in your PayPal account. It gets automatically withdrawn to your bank account within 24 hours!
Steps for the Most Cost-Effective Redemption
So to answer the questions and clear the doubts of many Indians on Blogjob, I will list out the steps that you can follow to make your Blogjob redemptions less painful and more cost-effective. Yes, you will have to follow a couple of extra steps, but it is worth it.
Step 1: Open a Unocoin Account
With a Unocoin account you can seamlessly buy, sell, send and receive bitcoins. You can easily convert BTC to INR and vice versa using Unocoin, since it is an Indian company. Register on Unocoin and make sure you have your Know Your Customer (KYC) documents ready, i.e, an address proof and an ID proof. It doesn’t matter even if you are not living in the specified address currently, but the proof must be a valid government approved proof (Driving license, passport, Voter ID, etc).
Step 2: Open a Coinbase account
Visit Coinbase and open an account using simple sign up process. No documents required here. It’s a 1-minute process.
Step 3: Redeem by adding coinbase to the cart
- Go to Rewards—>Redeem points on Blogjob
- Click on ‘Choose Option’ beside Coinbase in the list of products
- Select the required amount (2000/3000/5000/7500/10,000 coins) from the drop-down, mention the quantity (default is 1)
- Click ‘Buy Now‘. Don’t forget to enter your Coinbase e-mail address in ‘Shipping information’ (next step) and complete the checkout process
Step 4: Sell Bitcoin
After receiving the bitcoins in your Coinbase account, go to your Unocoin account and click on ‘Sell’ after going to Bitcoins in the left pane. You will be shown the converted amount in INR along with the fee and service tax shown separately. Just confirm the selling of bitcoin and you are done! The corresponding amount in INR will be sent to your bank account (as mentioned in your Unocoin acccount) through NEFT in 2-3 days.
What is the Catch?
There are two points:
- Your transaction fee reduces drastically. For PayPal cash, you are paying $4.70 as fee to PayPal, and you will lose some more in USD to INR conversion. In Coinbase-Unocoin process, you are paying just $1 as fee and $0.145 (14.5% of $1) as service tax, total of just $1.145. A straight saving of $3.555! (approximately Rs. 225)
- You are under no obligation to get the amount in your bank. You can use the bitcoin as investment or wait to sell it at a later date, etc. If you can wait and sell it when bitcoin price rises, you will make more profit
Hope it is useful for Indians and for other countries that have some local bitcoin companies like Unocoin. You can read a first hand experience of using Unocoin to know more.